Understanding the energy storage world leaders, anticipating the next big markets
July 10, 2017
While the global energy storage industry has continued its pace of rapid growth during the past year, well-established markets remain highly concentrated in specific regions of the world. In fact, Navigant Research expects the top five country markets to account for 56% of the new energy storage capacity forecast to be built in 2017. Over the coming years, this dynamic will change, as the industry is already seeing significant geographic diversification.
Navigant Research’s latest Country Forecasts for Energy Storage reports explore the growth trends for energy storage at the utility-scale and distributed levels in 26 countries around the world. This article highlights the leading countries for energy storage identified in those two reports, explores the factors shaping these markets, and explains how these and other factors can be used to determine where and when new markets will emerge.
Global and country-level dynamics
The economics of new energy storage projects are improving in countries globally, driven by:
Falling hardware costs
Increasing electricity market deregulation to increase competition
Increasing investor confidence in energy storage technology
Improving storage system value due to advanced software capabilities